UPM Annual Report 2025

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Governance

Accounts and performance

Financial Statements

Report of the Board of Directors

Sustainability Statement

Auditor's Report

Sustainability Assurance Reports

2) Prepayments and accrued income € million

12. Provisions

2025

2024

Other 1)

€ million

Restructuring

Termination

Environmental

Total

Interest income Income taxes

10

12

2025 Provisions at January 1

—

— 4

Other items

7

—

4 3

8 — — — 8

188

200

Carrying value, at December 31

17

16

Provisions made during the year Provisions utilized during the year Unused provisions reversed Carrying value, at December 31

1

10

14

-1 — —

-3

-63

-67

3) Comparison year figure restated due to classification mistake in revaluation. €100.8 million has been transferred from current receivables from Group companies to non-current receivables.

-1

—

-2

2

135

146

11.

Equity

2024 Provisions at January 1

2

1

9 — — -1

155

167

Reserve for invested non restricted equity

Provisions made during the year Provisions utilized during the year Unused provisions reversed Carrying value, at December 31

— —

3

59

63

-1 —

-23

-24

Revaluation reserve

Retained earnings

Profit/loss for the period

Total share holder’s equity

€ million

Share capital

-2

-3

-6

2025 Carrying value, at January 1

—

4

8

188

200

890

140

1,273

1,216

382

3,900

1) Other provisions are attributable to onerous contracts and negative fair values of financial derivatives. At the end of 2025, the negative fair value loss in other provisions of €5 million (€5 million) is attributable to one Group internal cross currency swap.

Transfer of profit from previous year

— — — — —

— — — — —

— — — — —

382

-382 1,148

—

Profit for period

—

1,148 -792

Dividend distribution

-792

— — —

13. Non-current liabilities

Maturity in 2031 (in 2030) or later

Changes in revaluations

—

—

Other changes

-161 645

-161

€ million

2025

2024 2,711 154 325 129 3,319

€ million

2025

2024

Carrying value, at December 31 2024 Carrying value, at January 1 Transfer of profit from previous year

890

140

1,273

1,148

4,095

Bonds

2,669

Bonds

1,100

1,100

Loans from financial institutions Payables to Group companies 1) Other non-current liabilities Carrying value, at December 31

123

Loans from financial institutions

— —

31

890

140

1,273

342

1,675

4,319

439

Other non-current liabilities

—

— — — — —

— — — — —

— — — — —

1,675

-1,675

—

114

Total

1,100

1,131

Profit for period

—

382

382

3,346

Dividend distribution

-800

— — —

-800

Changes in revaluations

— -1

— -1

1) Comparison year figure restated due to classification mistake in revaluation. €4.1 million has been transferred from current payables to Group companies to non-current payables.

Other changes

Carrying value, at December 31

890

140

1,273

1,216

382

3,900

Bonds

Carrying value Carrying value 2025 2024 € million € million

€ million

2025

2024

Nominal value issued, million

Distributable funds Reserve for invested non-restricted equity Retained earnings from previous years

Fixed rate period

Interest rate, % Currency

1,273

1,273 1,216

1997-2027 2020-2028 2021-2031 2022-2029 2024-2034

7.450 0.125 0.500 2.250 3.375

USD EUR EUR EUR EUR

375 750 500 500 600

319 750 500 500 600

361 750 500 500 600 2,711 2,711

645

Profit (Loss) for the period

1,148

382

Total distributable funds at December 31

3,066

2,871

Carrying value, at December 31

2,669 2,669

Non-current portion

UPM Financial Report 2025

338

UPM Financial Report 2025

339

338

339

UPM Annual Report 2025

UPM Annual Report 2025